The NC Homeowners Insurance Form Is Changing

After April 1st, every homeowners insurance policy in NC is changing as it renews.  These changes are not dramatic but we think you should understand what is changing on your policy at your next renewal.  Here’s a summary of the changes to this form but as always, we advise that you read your policy carefully.

A sublimit of 10% of your personal property coverage amount will now apply to any personal property located in a storage facility.  This is probably the most significant change and may catch some homeowners by surprise should they have valuable items stored in a storage unit.

A new sublimit of $250 will now apply to antennas, tapes, wires, records, disks, and other media in or upon a motor vehicle.  If you have thousands of CDs in your car, watch out.  Or, consider putting them on a jump drive and listening that way.

The sublimit for business personal property located away from your residence premises is increasing from $500 to $1500.

The theft peril is being modified to provide coverage for Personal Property located in student housing as long as the student has been there in the past 90 days instead of the previous 60 days.

The incidental low power recreational vehicle liability coverage has been modified to expressly exclude motorized scooters used off of your residence premises.  Those of you saving gas by driving scooters to work take note; you will now need to purchase liability coverage for your scooters.

At Clinard Insurance Group, we want every insurance buyer to be an informed consumer.  If you would like help with your home or auto insurance or even your business or life insurance needs, please give us a call at 877-687-7557.